NNPC misappropriates $50 billion Excess crude

Posted by admin Latest Politics, Oil Politics Thursday, October 27th, 2011

The Nigerian National Petroleum Corporation (NNPC) is conniving with the major
crude oil lifters to defraud the nation to the tune of $50 billion, the House of
Representatives committee on Finance has said.

The Chairman House Committee on Finance, Abdulmumuni Jibrin stated this at
the opening of the two-day investigative public hearing on the alleged
misappropriation of the sum $5 billion from the Excess Crude Oil Account
through the backdoor.

Jubril also alleged that “NNPC religiously takes 445,000 barrels Domestic crude
per day at below commercial rate, exports petroleum products below import
price, claims NPA charges as part of its cost but remains a major debtor to
NPA, charges regular demurrage on petroleum products imports as if our ports
are always congested, under-declares revenue from Federation crude and still
turns around to claim huge subsidy (worth N1.5 trillion this year) from the
Federation.”

Reports say the public hearing was stalled following the absence of Ngozi
Okonjo-Iweala, Finance Minister; Diezani Aliso- Madueke, Minister for Petroleum
Resources; Sanusi Lamido, Governor of the Central Bank of Nigeria (CBN) and
Omogui Ifueko, Chairman, Federal Inland Revenue Service (FIRS).

The House had directed the joint committee o Finance, Petroleum Resources
(Upstream and Downstream) and Gas to investigate the cause of the non-
remittance of the N450 billion into the federation account as provided by Section
162(1) of the 1999 Constitution as amended.

The Committee was also mandated to ascertain the level of compliance by
others parastatals and agencies under Federal Ministry of Petroleum Resources,
over allegation that the federation account has been short-changed to the tune of
N700 billion.

-African Examinerwp_posts